Now what is desirable and indispensable is to give money a _fixed measurement_, which shall be _just_ as absolute in its measure of the value of money as the pound is in its measure of weight, or as the yard-stick is in its measure of distance. There never is any more cloth, though there be a thousand more yard-sticks. Nor is a yard-stick ever any longer or shorter, if the quantity to be measured is increased or decreased a thousand-fold. Now just to such a fixedness must money be reduced before it will subserve its best purposes and uses, and the only way this can be done is by that method which will also remove the _only possible_ objection there can be brought against such a national currency as is proposed. This objection is that by over-issues of currency its value would or might be depreciated. Let it be supposed that the country’s extremest need to meet the demands of the greatest amount of trade is a _billion dollars_ currency. At certain times there are greater and less demands for money, which, under our present practices, make a dollar, to-day, worth _four per cent. per annum_ interest, and to-morrow increase it to _ten per cent._ It must be remembered that we are now speaking of an _irredeemable currency_, the _representative_ of the _wealth_ of the nation: that the _government_ representing the nation has _uttered_ it, in behalf of _the people_, upon the _soundest_ and, in reality, the _only_ sure basis of value _any_ money _can have_—the productive power and capacity of the nation. An over-issue is the only thing to be guarded against. The government must be prohibited by some _absolute law_ from resorting to the process so well known in railroad management as the “_watering process_.” And this is to be accomplished in the following manner: This currency—this money—must be made convertible into a national bond, bearing such a rate of interest while in the hands of the people as shall be determined upon as “the true measure of value”—say three or four per cent.—which experience would necessarily determine as the true point of balance; and the bond also convertible into currency at the option of the holder. In other words, the people should demand that the Government issue one thousand million dollars in bonds, bearing three per cent. interest, payable in currency, and that it issue one thousand million dollars of circulating medium or money to be loaned to whomsoever deposits the bonds as collateral; all loans to be made at three per cent. per annum; to be for six months, with two renewals of three months each, one-half payable on each renewal. The principle underlying the time being that all credits should be settled with each year’s products.